Independent Insurance Group has inked a definitive agreement for an investment by Kilter Finance, a KKR-backed insurance-focused specialty finance company.

Under the agreement, Kilter Finance will invest up to $89m into Independent Group.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Concurrently, Independent Group’s management and its founding private equity partner LKCM Headwater Investments will make a simultaneous investment at close.

Combined, the deal will provide a total capital raise of up to $114m.

Independent Group chairman and CEO Michael Upchurch said: “We are thrilled to join forces with Kilter Finance. Given their financial and insurance acumen, they quickly understood our business model, appreciated the uniqueness of what we have created and bought into our passion for structured settlements.”

“We couldn’t ask for a better partner to join us in our efforts to bring positive change, innovation and growth to our industry for the benefit of our brokers and payees,” Upchurch added.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Founded in 2018, Independent Group is the parent of Independent Life Insurance Company, an insurance carrier focused on the primary issuance of structured settlement annuities.

Independent Group president and chief strategy officer George Luecke said that majority of the funding from Kilter Finance will go to Independent Life.

The remaining capital will be used by the company for general corporate purposes and to accelerate its key strategic initiatives, including product development, technology enhancements and potential acquisitions.

Kilter Finance CIO Dan Knipe said: “We have been impressed by the business that the Independent Group management team has built and are excited to join LKCM-Headwater and management as a key capital provider to fuel the next phase of their growth.”

Last month, AI-driven auto insurer Loop raised $3.25m in seed funding led by venture capital firm Freestyle VC.